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Uttar Pradesh developers give mixed reactions over union budget

LUCKNOW: Real estate playersand stakeholders have different viewpoints on the union budget. While some welcomed the latest measures announced by the union government to boost the industry, some of them found it lacking. Industry players also highlighted slow execution of government policies in Uttar Pradesh.

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Though everybody welcomed the takeaways government offered to builders undertaking affordable projects, they also pointed out how they will have to pay up tax on notional rent on unsold inventory within a year. “The sector has remained extremely weak for three years. More was needed. Focus on just affordable housing is not enough,” said Khalid Masood, joint managing director Shalimar Corp Ltd who dubbed the budget as lacking.

Chief managing director of Paarth Infrabuild Pvt Ltd, PN Mishra said, “Every year sops are announced for affordable housing. But nothing improves on the ground. We have undertaken two affordable projects in Allahabad and Lucknow. Though we have completed the formalities, we are yet to get benefits from government. Government should work on effective execution.”

But CREDAI UP president and chairman of Eldeco group was hopeful. “Very limited number of units below Rs 20 lakh are available in the city at present. A lot of families do not prefer to stay in government schemes. With easy financing to developers doing affordable buildings, we will be able to supply units in the range of Rs 15 lakh to Rs 20 lakh,” said Garg.

A body of a man who could not be identified has been taken out from under the debris. The district magistrate of Kanpur said that as per the statements of labourers who were rescued, there were a total of 50 of them working on the site and going by the statements 26 more could be trapped under the debris